Everonn says co-founder P. Kishore no longer a promoter

Everonn says co-founder P. Kishore no longer a promoter

Chennai: Seven months after P. Kishore, a co-founder of Everonn Education Ltd, was arrested on charges of bribery and tax evasion, the company’s board has decided to declassify him and his family members as promoters.

The Chennai-based education company informed the Bombay Stock Exchange on Thursday that its board of directors in a meeting held the previous day considered a declassification letter from the promoter and the promoter group.

Besides Kishore, this includes Jansi Kishore, Keerthi Kishore, P.K. Padmanabhan, Jayalakshmi Padmanabhan, Sarvotham and Celebrate India Tourism Ltd.

Soon after Kishore’s arrest in late August, Jamshed J. Irani resigned as the chairman of the company and full-time director Susha John was appointed chief executive.

A few weeks after Kishore’s arrest, Everonn sold a 12% stake to Dubai-based Varkey Group for Rs138.23 crore. The group, which runs private schools in West Asia and other regions, subsequently picked up 6% from the open market and 20% through an open offer in December at Rs528 a share.

Kishore, released on bail in October, is a first-generation entrepreneur and a pioneer in building a business model around computer education in schools. He has promoted information technology-enabled education since 1987 and founded Everonn in 2000.

The Everonn board approved the appointment of chartered accountant K.N. Srinivasan as its chief financial officer from 2 April.

Everonn shares were trading at Rs256.00, down by 0.29%, at 1.45 pm on Thursday on the Bombay Stock Exchange, while the benchmark Sensex was down 0.74% at 16,994.78 points.

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